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By: Ahura Chalki
API confirms the US look at the Oil and Gas industry!
Carefully watching the US president, Donald Trump’s speech at the General Assembly of the United Nations, holding these days at the New York City, should bring his clear comment about the Oil industry on the spotlight, while he was saying that the US is trying to be the biggest Oil and Gas, producer, though even if not bigger, at least between top three, good enough to be able to control the Oil market as well. While the US-China drama is continuing, API data confirmed (As most of the weeks in the past two years) that inventory levels of US crude oil, gasoline and distillates stocks have been raised to 1.400M comparing previous 0.529M. Putting This news besides President Macron negotiations between Iran and the US and a bit hopes on that, Democrat parties move for impeachment of the President and the concerns returning to Trade Talks, messed the market and raised the pressures on the Oil prices. Today EIA report meanly will on the spotlight to clear the direction.
Oil currently trading at $56.73, under its 61.8% Fibonacci level at $57.90. For now, $57.90 also is a key support level, and trading under this level can push the prices deeper, especially with breaking the 78.6% Fibonacci at $56.53. Currently, at the H4 chart, EMA crossing strategy, Parabolic SAR and RSI all supporting the bears while stochastic moves at the oversold area, however, since we are at the downtrend, it cannot be the reversal sign.
Pivot point: 57.12
Resistance levels: 57.55 / 58.81
Support levels: 55.85 / 55.43
The expected trading range for today is between 55.43 support and 58.81 resistance levels.
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